• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

President Museveni guides Muslim leaders on PDM interest rate as he supports Islamic SACCO with Shs200m

Mulema Najib by Mulema Najib
1 year ago
in National, News
3 0
President Yoweri Kaguta Museveni

President Yoweri Kaguta Museveni

ShareTweetSendShare

President Yoweri Kaguta Museveni has re-appealed to Muslim leaders to sensitize believers to embrace the Parish Development Model (PDM),  explaining that the government poverty alleviation programs does not go against the Islamic teachings of riba (interest).

In a letter dated 4th March, 2024 to Ms. Hafwa Nalumansi Ssettala of Taqwa Islamic Sacco, Mukono, President Museveni said PDM is not a loan and it has no riba.

“Why? Gavumenti ya Uganda elamira abaana baayo mubuli muruka na Shs.100million buli mwaaka (the Government of Uganda wills – kuraga – Shs. 100million per Parish per year). This is not a loan by Government to the Parsih Sacco. It is a grant (kuwa buwi- just giving). Does the Quaran say that Omuzadde talamira baana be (a parent cannot give by will whatever he wants to his/her children)?” he said.

“Once the money is “ours” in the Sacco, we face the problem of inflation (esente kusabulukuka – kufunguka). How? When I buy my favorite mug of coffee (the kikopo I use for my coffee) at Shs.20, 000, this year, I may be unable to buy the same cup next year because of the change of prices,” he added.

President Museveni further expounded that when the Sacco puts a percentage of let us say 5% on the Shs.1million after 24 months on the money it gives to one of the Sacco members, it is to maintain the ability of the Shs.20,000 being able to buy “me the same mug next calendar year, like it did this year.There are, then, the transaction costs-paper, etc. If the Parish Sacco managers pay from the Shs.1million those costs, the fund will decrease or the Government will have to add more money. Why should you kumenya (over burden) your muzadde (parent) with this unfairness?”

He also informed the Muslim leaders that the PDM is meant to help Ugandans get out poverty and they should use the chance to bring believers on board.

“Money lenders have been demanding, I hear, 3% per month riba. This is 36% per year. This means that if I take Shs.1million, after a year, I will pay Shs.1,360,000. In the Parish Development Model (PDM) case, if the percentage is 10%, I will pay Shs.1,100,000 after two years on the sente zaffe (our own money on the Muruka). Why? Not in order to give anybody or any company, amagoba (profit). It is simply to maintain the value of ekyaffe (ours-megwa). Forget about money. Think about a cow (being a Mulaalo, I always remember cows). When Mzee Kaguta gave me cattle in 1986 when I came from the bush and they multiplied massively (n’zizaala), was that riba? Ekyaange bwekyezazamu or bwenkikumira kumbeera gy’ekibademu (when what is mine multiplies or is maintained at the same level), eba riba (is it profit)? To whom? PDM yamwe (PDM is yours). Sheikhs, please, help us. Those are my lukoola views.”

In the same letter, President Museveni revealed that he extended support of Shs200m to Taqwa Islamic Sacco.

“I have got your letter of the 13th February, 2024, requesting me to support your Sacco. That one, I will do with the Shs.200million.By the copy of this letter, I direct the State House Comptroller to implement my directive.”


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
ShareTweetSendShare

Related Posts

Capt. Mike Mukula
News

Flying High As Unstoppable Mukula’s Meteoric Rise Continues To Inspire A Generation For Peace, Stability and Prosperity In Eastern Uganda

7th July 2025 at 09:38
Baker Kasadakawo the Iganga District Education Officer.
News

The Bitter Taste of Poverty, From Sugar Cane Fields To Sugarless Tables: Busoga Sugar Cane Farmers Can Not Afford Sugar for Their Children

7th July 2025 at 09:31
Community News

Ann Ssebunya: Uganda’s Radio Personality and Mental Health Advocate Transforming Lives Through the Drugs Hapana Initiative

6th July 2025 at 23:58
Next Post
Okello Sharon Nagenjwa

Okello Sharon releases song imploring men to support women empowerment ahead of Women's Day celebrations

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1115 shares
    Share 446 Tweet 279
  • Silent Billionaire Bosco Muwonge Buys Mukwano Arcade at UGX 250 Billion Cash Down

    42 shares
    Share 17 Tweet 11
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2287 shares
    Share 915 Tweet 572
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    45 shares
    Share 18 Tweet 11
  • Who is Bosco Muwonge, Uganda’s elusive real estate billionaire?

    24 shares
    Share 10 Tweet 6
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

Capt. Mike Mukula

Flying High As Unstoppable Mukula’s Meteoric Rise Continues To Inspire A Generation For Peace, Stability and Prosperity In Eastern Uganda

7th July 2025 at 09:38
Baker Kasadakawo the Iganga District Education Officer.

The Bitter Taste of Poverty, From Sugar Cane Fields To Sugarless Tables: Busoga Sugar Cane Farmers Can Not Afford Sugar for Their Children

7th July 2025 at 09:31

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is set to speak at business forum in United Kingdom

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0
Capt. Mike Mukula

Flying High As Unstoppable Mukula’s Meteoric Rise Continues To Inspire A Generation For Peace, Stability and Prosperity In Eastern Uganda

7th July 2025 at 09:38
Baker Kasadakawo the Iganga District Education Officer.

The Bitter Taste of Poverty, From Sugar Cane Fields To Sugarless Tables: Busoga Sugar Cane Farmers Can Not Afford Sugar for Their Children

7th July 2025 at 09:31

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda